Taking the Mystery Out of Credit Scores

Reblogger Jerry Newman
Real Estate Agent with Brown Realty, 210-789-4216,www.JeremiahNewman.com TREC #0492321
https://activerain.com/droplet/4dpF

I have buyers, who are constantly asking me about their credit scores, and what is needed for them to purchase a home. Well, our friend, Gene Mundt from Chicago, who is also an expert Mortgage and Financial Consultant has written a post about credit scores that have the answers to many of those questions that I get from time to time. You might even want to take the credit score quiz at the end to see where you are, so you can start now to polishing up your credit scores.

 
 
Taking the Mystery Out of Credit Scores

 
     Were you recently denied approval on a loan application?  Do you suffer from lower Credit Scores?  Did you receive an Interest Rate higher than someone else with higher Credit Scores?  

     If so, there's a chance one of the following issues was the reason.  They're some of the most commonly seen issues affecting Credit Scores or preventing loan approvals:

  • Missed Payment(s) on a Mortgage, Installment Loan, or Credit Card(s)
  • Major Events - A Bankruptcy filed in the last 2 years, Foreclosure, Short Sale, or Deed-in-Lieu of Foreclosure
  • Outstanding Judgments, Tax Liens, or Collections (Not Paid, or Not Satisfied) 
  • Multiple late payments on accounts, multiple number of disputed accounts, multiple number of recently opened accounts, multiple number of accounts with higher balances related to the Credit Limit.


https://1609956119.secure-loancenter.com/FreeConsult.aspx     I'm providing this list to help erase some of the "mystery"surrounding Credit Scores and to illustrate what factors DO impact your Credit Scores.  Resources and info concerning Credit Scoring are readily available for consumers.  Increasing your knowledge will better enable and empower you regarding your finances and Credit.

     To test the extent of your knowledge, take the Credit Score Quiz found at:

      You'll learn commonly-used terminology and discover the key to improving and maintaining your Credit Score.  You'll also educate yourself on the "Do's and Don'ts" of Credit and the realities of Credit Scoring.   

https://1609956119.secure-loancenter.com/FreeConsult.aspx

       Other resources that can aid in your Credit education and understanding are:

  • annualcreditreport.com - (Authorized by Federal Law.)  This website is a source of FREE Credit Reports.  (Or call: 1-877-322-8228) 
  • ReasonCode.org - "Reason Codes" are provided within each Credit Report you buy.  Plug-in the code that corresponds with your VantageScore Credit Scores (the Scores utilized by many banks, lenders, and Credit Card companies) to better understand your Credit and Credit habits.
  • Equifax  
  • TransUnion
  • Experian 


     But a very easy-to-remember Credit tip is:  

     The simplest way to quickly improve a Credit Score is to pay down Credit Card balances to an amount 30% or less than the High Credit Limit. 

     Taking the Mystery Out of Credit Scores ... NOW is the perfect time to take the Credit Score Quiz and to get started on polishing, improving, or rebuilding your credit!

http://www.genemundt.com/ContactUs.aspx

 
 
     *  Hoping to Buy, Build, or Refinance a home in New Lenox, another Lincoln-Way Community, Will County, or elsewhere in ChicagolandContact Me.  We'll go over your Credit and finances together, then I'll put my 36 years of Mortgage expertise and experience hard to work on your behalf.
     I can be easily found at:

Direct:  815.524.2280
Cell or Text:  708.921.6331
eFax:  815.524.2281

 Click HERE for a FREE Mortgage Consultation!

 Ready to Apply for your Mortgage?

https://1609956119.secure-loancenter.com/WebApp/FullAppLogin.aspx

 

 

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Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL

 

  

 

 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   Digg Acct. of Gene Mundt, Mortgage Lender

 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender   Lender411 Acct. of Gene Mundt, Mortgage Lender    Klout Acct. of Gene Mundt, Mortgage Lender    Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender  

Gene Mundt

Regional Manager - Mortgage Lender

American Portfolio Mortgage Corp.

                                                                    Personal NMLS #216987

AMPC Logo

NMLS # 175656

 

Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL.  Gene Mundt, Mortgage Lender can be contacted at:  815.524.2280 or via his email: gmundt@goapmc.com.

Contact Gene Mundt, Mortgage Lender soon!

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Re-Blogged By Re-Blogged At
Topic:
Lending / Financial
Location:
Texas Bexar County San Antonio
Groups:
Realtors®
Lone Star Real Estate Professionals
All Thing's Texas
HyperLocal Neighborhood and Community Posts
Tags:
credit scores
understanding your credit scores
how to improve your credit scores

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Rainmaker
1,000,158
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

What a great re-blog!   I took the test and did marginally well.  Should have done better. Will definitely write a blog and include that link for anyone looking to buy a home!  Thanks for sharing. 

Mar 20, 2014 03:34 PM #1
Rainmaker
950,378
Bob Ratliff
Robert Ratliff Realty - San Antonio, TX
"Sold with Bob"

Jerry, thank you for the re-blog.... I'm saving this blog post for future use. Have a terrific weekend.

Mar 20, 2014 10:39 PM #2
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Jan. This is some great information for all buyers, who are planning to purchase a home soon. Taking the test will certainly let buyers know where they stand at the present time. Have a Great Day!

Mar 21, 2014 01:21 AM #3
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1,179,229
Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Thanks, Bob. Hope you guys have a Nice Meetup next week in Austin. Buyer need to know about how credit scores are used by lenders.

Mar 21, 2014 01:23 AM #4
Rainmaker
863,906
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Jerry,

Wonderful choice for a reblog. This post will come in handy for a lot of buyers..

Mar 21, 2014 01:49 AM #5
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Sarah and Lester. You guys are so right. I work with many first time home buyers, and they are always asking questions about their credit scores.

Mar 21, 2014 02:33 AM #6
Rainer
166,665
Andy Chaudoir
Professional Inspection Services - Georgetown, Texas - Georgetown, TX
Your Home Inspection Connection in Central Texas

Hello Jerry - Thanks for the tutorial.  This is very helpful information.  Have a great day.

Mar 21, 2014 11:56 PM #7
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

You're welcome, Andy. Gene certainly knows about those credit scores. Have a Great Day!

Mar 22, 2014 02:14 AM #8
Rainmaker
4,268,828
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Jerry, great re-blog, I missed Gene's post, and one we need to share with our buyers.

Mar 24, 2014 12:07 AM #9
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1,179,229
Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Joan. It's great for any buyer's presentations. I have it saved for future use.

Mar 24, 2014 11:52 PM #10
Rainer
196,501
Karen Mathers - REALTOR®
Keller Williams Vero Beach - Vero Beach, FL
When it Matters, Choose Mathers! 772-532-3221

It would be nice if we could education kids right in the high schools the importance of credit scores and ratings.  You go to college and they are giving credit card apps all over but not a lot of education to go along.  We assume they know, but that is not the case.

Mar 25, 2014 02:25 AM #11
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Karen. You are so right about educating our children. Many get over burden with debt in college because they are not prepared or informed about the dangers of over extending themselves.

Mar 25, 2014 11:35 PM #12
Rainer
389,913
Anna Hatridge
R Gilliam Real Estate LLC - Farmington, MO
Missouri Realtor with R Gilliam Real Estate LLC

Great re-blog. I missed it the first time. Thank you for sharing.

Mar 27, 2014 04:38 PM #13
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

You're Welcome, Anna. Welcome to Active Rain! Gene is always great getting out information like this.

Mar 28, 2014 12:35 AM #14
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